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Other Real Estate Owned and Other Repossessed Assets

12 Months Ended

Dec. 31, 2021

Other Real Estate Owned and Other Repossessed Assets

Other Real Estate Owned and Other Repossessed Assets

Note 5.  Other Real Estate Owned and Other Repossessed Assets

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OREO and other repossessed assets represent properties and other assets acquired through foreclosure or other proceedings in settlement of loans and is included in other assets in the accompanying Consolidated Balance Sheets.  The following table summarizes the composition of the Company’s OREO and other repossessed asset balances as of the periods presented (dollars in thousands):

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​	​	​	​	​	​	​
​		As of December 31,
​		2021			2020
OREO	​	​	​	​	​	​
Commercial		$	2,839		$	4,206
Residential		​	235		​	364
Total OREO	​	​	3,074	​	​	4,570
Other repossessed assets	​		1,342	​		1
OREO and other repossessed assets	​	$	4,416	​	$	4,571

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The following table summarizes activity related to OREO and other repossessed assets (dollars in thousands):

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​	​	​	​	​	​	​
​		As of and for the Years Ended December 31,
​		2021			2020
Changes in OREO and other repossessed assets		​	​	​	​	​
OREO and other repossessed assets beginning balance		$	4,571		$	3,057
Additions, transfers from loans	​		1,610	​		2,867
Sales	​		(1,721)	​		(1,282)
Cash payments collected	​		(43)	​		(3)
Impairment of OREO and other repossessed assets	​	​	(1)	​	​	(68)
OREO and other repossessed assets ending balance	​	$	4,416	​	$	4,571

​

At December 31, 2021, the Company had $0.2 million of residential real estate in the process of foreclosure. The Company has elected to follow Federal Housing Finance Agency guidelines on single-family foreclosures and real estate owned evictions on portfolio loans, as well as all COVID-19 related state foreclosure and eviction orders.

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- References

No definition available.

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- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124259787&loc=d3e4437-111522

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